{"id":58075,"date":"2019-02-15T00:00:00","date_gmt":"2019-02-14T22:00:00","guid":{"rendered":"https:\/\/richardvanhooijdonk.com\/blog\/25-cyber-threats-to-fear\/"},"modified":"2021-06-07T09:53:23","modified_gmt":"2021-06-07T07:53:23","slug":"25-cyber-threats-to-fear","status":"publish","type":"post","link":"https:\/\/blog.richardvanhooijdonk.com\/en\/25-cyber-threats-to-fear\/","title":{"rendered":"25 cyber-threats to fear"},"content":{"rendered":"

Connectedness is the future \u2013 our homes, organisations, and even entire cities have undergone an extreme smart tech transformation in recent years. Intelligent infrastructure facilitates increasing digitalisation, and we\u2019re swiftly abandoning outdated practices, replacing them with ever more efficient ones. Paperwork is increasingly replaced with digital files and the gathered data is stored on various cloud storage systems. Moving highly valuable and confidential data to virtual storage, however, isn\u2019t without risk.<\/p>\n

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By 2020, nearly $102 billion is expected to be spent by organisations on cybersecurity software, hardware, and services for protection against cyber-threats.<\/figcaption><\/figure>\n

We do have strong passwords, firewalls, and software that enables smart homes and internet security and guards data from malicious attacks. But cybercrime<\/a> keeps rising, causing immense damage that\u2019s expected<\/a> to reach $6 trillion annually by 2021. Unfortunately, the list of companies that experienced some type of cyber-attack is growing, and investing in cybersecurity is definitely the way to go. According to International Data Corporation projections, organisations \u201care expected to spend $101.6 billion on cyber security software, services, and hardware to combat these potential threats\u201d by 2020, Forbes<\/em> reports<\/a>.<\/p>\n

As new tech and new protection systems emerge, cyber criminals keep figuring out novel ways to outsmart them. However, there are ways in which we can protect ourselves. For instance, detecting vulnerabilities and implementing cyber protection on time can help both individuals and organisations to live and conduct business in safer and more secure digital ecosystems. That\u2019s why we\u2019ve gathered and analysed the potential cyber-threats lurking behind exciting technologies that, in most cases, aren\u2019t immune to malware.<\/p>\n

1. 5G technology brings cybersecurity threats<\/h2>\n

The fifth generation of wireless systems and networks, also referred to as 5G, is exciting technology. Its super-fast internet connectivity will certainly make our lives easier, and people worldwide simply can\u2019t wait to embrace it. As Ericsson predicts<\/a>, 40 per cent of the global population will be using 5G by 2024. For all the hype and excitement around this tech, however, there\u2019s an equal number of concerns. As advances in 5G technology<\/a> speed up the rate of IoT deployment, and as the IoT grows and more devices get connected to the internet, we\u2019re under greater risk of cyber-threats. The reason for this is simple. While IoT tech manufactures are mostly focused on launching new products quickly, they often don\u2019t pay enough attention to cybersecurity. And poor security is what makes IoT devices the perfect target for cyber-criminals. In fact, in 2018, 78 per cent<\/a> of malware incidents were related to communication networks that involve IoT technology.<\/p>\n

2. Social media is becoming a political instrument<\/h2>\n

Social media platforms have become part of our daily routine. For most people, checking Instagram or Facebook first thing in the morning has become the norm. And the popularity of social media is showing no signs of abating. Forbes<\/em> reports<\/a> that Facebook, the largest social media platform in the world, has two billion users. In fact, every second, five new Facebook accounts are created. But what started as a harmless technology is now increasingly regarded as more dangerous than initially thought. According to<\/a> the cybersecurity company FireEye, social media can also be used to promote potentially dangerous political interests. For instance, it discovered several social media accounts that have been promoting Iranian political interests among audiences in the US, the UK, Latin America, and the Middle East. The content was mostly dealing with anti-Saudi and anti-Israel topics and was supporting the US-Iran nuclear deal. FireEye believes<\/a> that social media will continue to be used as a tool to promote the political interests of foreign countries. And it\u2019s not hard to understand how this development can potentially lead to serious conflicts.<\/p>\n

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According to the cybersecurity company FireEye, social media can also be used to promote potentially dangerous political interests.<\/figcaption><\/figure>\n

3. Taking down the internet<\/h2>\n

The majority of internet services we use on a daily basis are vulnerable to attacks, enabling cybercriminals to hack into systems and even take down the internet. This will continue to be an issue in the future as well. As Norton predicts<\/a>, 33 billion personal records will be affected by cyber-attacks in 2023, compared to 12 billion in 2018. Moreover, Cybint Solutions reveals<\/a> that every year, one in three Americans are affected by a cyber incident. Clearly, cyber-attacks are becoming all too common. In fact, it\u2019s been reported<\/a> there\u2019s a cyber-attack every 39 seconds. Since they\u2019re becoming more sophisticated, they pose a significant threat to our society, and no one is safe. One terrifying example<\/a> is the distributed denial-of-service (DDoS) attack in 2016 that took down many major websites such as Amazon, Twitter, and even CNN<\/em>.<\/p>\n

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The chart shows that the largest DDoS attack in 2018 occurred in wired telecommunications carriers, and this industry also suffered the highest number of attacks at 793,377, followed by telecommunications and data processing\/hosting, while software publishers were the least affected with the smallest attacks and lowest number of attacks.<\/figcaption><\/figure>\n

More serious DDoS attacks could cause even greater devastation. Just imagine not being able to access any<\/em> website on the internet. The reason why most existing websites are vulnerable is because the Border Gateway Protocol (BGP), which drives the internet and transfers routing data between different networks, was never really designed with security in mind. BGP allows networks and autonomous systems to communicate with each other. To make this process highly secure, network operators use Route Origin Validation \u2013 cryptographically coded route data deployed to protect autonomous systems and networks from route hijacking. However, only 0.1 per cent<\/a> of existing autonomous systems have deployed Route Origin Validation, while the other 99.9 per cent are at great risk of being hacked.<\/p>\n

4. Phishing attacks are gaining traction<\/h2>\n

Online shopping brings us convenience, but it also creates opportunities for scammers. Phishing scams, for instance, targeted<\/a> at capturing sensitive information like credit card numbers and passwords, are becoming a major threat. This is particularly evident in the retail world. It\u2019s estimated<\/a> that from 2017 to 2018, the number of retail phishing websites grew by 297 per cent. Phishing scams don\u2019t involve much effort to lure the target, because scammers mostly use emails as bait. Once victims receive an email featuring a link to a website that imitates a real company, they’re already one step closer to being scammed. After they reveal their credit card information or social security number, the consequences can be devastating. The best way to protect yourself is quite simple: don\u2019t click on every link that\u2019s been sent to you, or at least think before you click.<\/p>\n

5. Spear phishing is an even more sophisticated hacking technique<\/h2>\n

As phishing attacks become more sophisticated, it\u2019s easy to become a victim of these scams. To make their scams more believable, criminals no longer rely only on sending spam emails to a wide range of users, hoping to attract someone\u2019s interest and capture valuable information. Today\u2019s scammers are a lot smarter, and their more advanced techniques consists of finding information about potential targets through companies\u2019 official websites and social media platforms. Also known as<\/a> spear phishing, this method allows criminals to create more convincing emails. For example, an attacker could send an email to a specific company informing it about an urgent issue. In the email, the attacker would suggest that the company checks the issue on its private network, which is basically a malicious link designed to capture the company\u2019s private information. And it’s easy to fall for this. In fact, 91 per cent<\/a> of targets get scammed via personalised emails.<\/p>\n

6. Supply chain attacks are close to becoming our biggest cyber-threat<\/h2>\n

Both small- and large-scale business organisations are facing serious cybersecurity challenges, and supply chain attacks are one of the key threats. Almost every company today relies on third-party suppliers, and hackers are able to access companies\u2019 systems using those suppliers. For instance, in 2013, data from 110 million Target customers was stolen in a supply chain hack. With a phishing email sent to an employee working for Target\u2019s vendor, hackers were able to\u00a0gain<\/a> access to customers\u2019 credit card information. In this case, the human factor turned out to be the biggest vulnerability. But hackers are getting smarter, and their techniques have become more advanced. Since companies heavily rely on third-party software, criminals are turning this to their advantage. They can, for instance, replace a software update with a malicious one. Without even detecting the malware, the vendor will send the update to targets and automatically infect their computer systems. Such attacks can cause huge financial losses. It\u2019s estimated that an average software supply chain attack costs around $1.1 million<\/a>. So, it’s no wonder that software supply chain attacks are expected to become a major cyber-threat in the next two years.<\/p>\n

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Both small- and large-scale business organisations are facing serious cybersecurity challenges, and supply chain attacks are one of the key threats.<\/figcaption><\/figure>\n

7. Cyber-criminals are stepping up their game with botnets<\/h2>\n

To gain more control over our computer systems, hackers are turning to botnets. Botnets are developed to infect not just one device, but millions of them. After a computer gets infected with a virus, either sent through email or shared as a pop-up ad, it allows the hacker to remotely control the computer and attack other systems as well. Such incidents are becoming increasingly common around the world. In the second quarter of 2018, botnet attacks occurred in 74 countries. As Channel Partners reveals<\/a>, China, Hong Kong, and the US experienced most ot these attacks. The reason why botnets cause so much headache to cybersecurity specialists is because<\/a> they\u2019ve advanced so much over time, so it\u2019s not easy to detect whether your computer system has been infected with such a virus. And as this tech continues to develop, it will become even harder to identify.<\/p>\n

8. Malicious bots are impacting the global economy<\/h2>\n

The number of mobile tech users is growing at a steady pace. And just like any other technology today, mobile tech isn\u2019t immune to cyber-threats, either. What seems to be the biggest cyber risk for mobile devices nowadays are mobile bots, malicious programs that allow hackers to go about their criminal ways \u2013 like taking over your account or stealing your identity. According to<\/a> a study released by the San Francisco-based firm Distil Networks, 5.8 per cent of mobile devices used worldwide are infected with these programs. The same study reveals that at least 15 million devices in the US are infected with mobile bots. The biggest problem is that these bad bots are designed to operate in secrecy, so users often don\u2019t even realise their device is being used for malicious activities. Another potential use for mobile bots is price scraping<\/a>, through which hackers can acquire pricing data from e-commerce websites. All this has<\/a> a measurable effect on the world economy.<\/p>\n

9. IoT botnets could lead to power grid failures<\/h2>\n

IoT innovations give us greater control over our homes and cities, but as we enjoy ever greater convenience, the risks of cybersecurity issues also increase. Recently, a group of researchers from Princeton University revealed that hackers could use electricity-consuming devices connected to the internet to attack the power grid and cause blackouts. Referred to as<\/a> \u201cmanipulation of demand via IoT\u201d (MadIoT), such an attack targets the power demand side rather than the supply side. The researchers claim that hackers could create an imbalance between demand and supply by turning a lot of IoT devices on or off at the same time. This can disrupt the performance of generators at power plants and eventually lead to blackouts. A simulation model shows that a 30 per cent<\/a> increase in power demand can lead to generator failure. MadIoT attacks use botnets to take control of high-wattage IoT devices like heaters or air conditioners. Botnets can easily be replicated and are hard to detect, which makes<\/a> MadIoT attacks even more appealing to hackers.<\/p>\n

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\u201cIoT botnet activity accounted for 78% of malware detection events in communication service provider (CSP) networks in 2018 \u2026 That is up sharply from 33% in 2016 when IoT botnets were first seen in meaningful numbers,\u201d Nokia\u2019s Threat Intelligence Report 2019 reveals.<\/figcaption><\/figure>\n

10. Torii, the most sophisticated botnet ever created<\/h2>\n

As botnet tech keeps advancing, it\u2019s easy to understand why botnets are seen as one of the biggest cyber-threats to our society. At the end of 2017, researchers from Avast witnessed the activation of a new and highly sophisticated IoT botnet called<\/a> Torii. This malware strain operates on a wide range of devices and digital architectures. Once a computer, smartphone, or tablet gets infected with Torii, the hacker is able to steal sensitive data from the device, execute codes, and deliver commands to the device through encryption. Unlike other botnets, Torii uses more sophisticated techniques to take over the compromised device. Torii can\u2019t be easily detected, and to maintain its presence, it uses<\/a> six different methods that are all executed. According to<\/a> analysis conducted by the cybersecurity expert Marco Ramilli, Torri\u2019s \u201csophistication is a level above anything we have seen before\u201d.<\/p>\n

11. A powerful IoT botnet is capable of surviving reboots<\/h2>\n

One of the common ways of removing malware from smart devices, routers, or modems is to simply reboot the device and have the memory wiped clean. That would bring the device back to its original state and prepare it for use again. But a new type of malicious IoT botnet, called Hide and Seek, can survive reboots and simply infects the device over and over again \u2013 a previously unseen<\/a> feature that threatens to wreak havoc. The Hide and Seek botnet has already infected around<\/a> 90,000 unique devices since January 2018 and could eventually be used for information theft, espionage, and extortion. And worse still, hackers are continuously enhancing its features. Bogdan Botezatu, a cybersecurity analyst, warns<\/a> that \u201cthe botnet is undergoing constant redesign and rapid expansion\u201d as it seeks to use infected devices to scan for other potential targets.<\/p>\n

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One of the common ways of removing malware from smart devices, routers, or modems is to simply reboot the device and have the memory wiped clean.<\/figcaption><\/figure>\n

12. Stealing processing power to produce cryptocurrencies<\/h2>\n

Creating cryptocurrencies through a process known as \u2018mining\u2019 requires massive computing power and leads to high energy bills. So instead of doing all the heavy-lifting themselves, hackers have found a way to steal processing power by planting malware in people\u2019s computers and smart devices. The only warning signal of infection, though, is reduced performance. These attacks, known as \u2018cryptojacking\u2019, are rapidly growing<\/a> in frequency, as 59 per cent of organisations \u201chave detected cryptomining malware on their systems at some point\u201d and most detections occurred in the last six months.<\/p>\n

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As much as 59 per cent of organisations have been targeted by crypromining malware<\/figcaption><\/figure>\n

Hackers are also becoming increasingly creative when it comes to planting malware. For instance, some disguise crypto-mining software as fake Adobe updates. They even target<\/a> universities such as St. Francis Xavier University in Canada. Following the attack, this university had to shut down its network for a week to clean up the system. As long as the value of cryptocurrencies keeps growing, cryptojacking will remain<\/a> a threat.<\/p>\n

13. Russian WebCobra malware hijacks computers to mine crypto-coins<\/h2>\n

McAfee Labs, an internet security provider and a research lab, recently discovered new cryptojacking malware named WebCobra that apparently originates<\/a> from Russia. Once planted into a victim\u2019s computer, the malware steals processing power so that the hacker can run its crypto-mining software to produce<\/a> Monero and Zcash cryptocurrencies. It\u2019s unique in its ability to learn about the victim\u2019s computer and deploy different codes for different operating systems. The only sign of malware is reduced performance of the infected computer and increased power consumption. The rise in \u2018cryptojacking\u2019 of this sort occurred<\/a> at a time of rising cryptocurrency value, enabling hackers to sell the digital coins they mined for significant sums of money. In fact, mining malware cases have increased<\/a> by almost 500 per cent in 2018 across the globe, and WebCobra has infected<\/a> users in the US, South Africa, and Brazil and will remain a significant security threat.<\/p>\n